With the recent government ousting of General Motors CEO, Rick Wagner, I can’t help, but ask, why is the government being so hard on the car industry and letting the greedy bastards on Wall Street off scott free? Without hesitation, the former administration, yes that includes Bush and Congress, gave the banks a $700 billion injection, with no questions ask. Then in comes Obama and the new Democrat majority Congress and what do they do, they give the banks another couple hundred billion dollars. Now I don’t claim to be an economist but it is estimated that the banks lost over $3 trillion dollars, between bad mortgages and bad investments and Congress blindly gives them upwards of a trillion dollars without asking a single question as to how they are going to spend the money.
Now enter the executives from the auto industry. Congress gets caught up in the fact that they flew private jets to D.C., when coming to BEG for money, and Congress is not hearing it. They put them through the ringer. Do they think that the CEOs of the banks don’t have private jets? While all this nonsense was going on, I think Jon Stewart said it best on “The Daily Show”, to sum it up, he pointed out that at least they have a product. You can see what they are giving to society. The banks have no product and based on the current state of our financial institutions, they would be the last people that I would be giving money to.
The greed of the banks got us into this mess so what the hell would possess anyone to give them more money. Clearly the monkeys on Wall Street have a gambling problem and they are not winning. Millions upon millions of people will be affected by the collapse of the auto industry, everyday people, whose livelihoods and retirements are dependent solely on the Big 3. Between travels, I stay in Detroit and the effects of the decline of the auto industry have been evident for the last five years. Michigan was in a single state recession, prior to the rest of the country catching up. Michigan has the highest unemployment rate in the country. Michigan is one of three states to have a negative population growth in 2008. This is affecting everyday Americans. These are the people that need the money and the jobs, and the only way that they will get help is if the auto companies get government funds. They do not need nearly as much as Wall Street has already received so, what is the hold up?
0 Responses to “Wall Street vs. Detroit”